Tannersville, PA – In an effort to protect home buyers and home owners, Bankers First Mortgage, Inc., a licensed mortgage company in Tannersville, PA has introduced the “Peace of Mind” mortgage program.
Interest rates are at historic lows, real estate prices are at bargain prices, yet the average consumer is too worried about the direction of the economy to refinance, purchase an existing home, or build a new home. Federal tax credit programs have been slow to encourage first time home buyers to take the leap to home ownership.
Bankers First Mortgage is a locally owned and operated mortgage company. They understand the needs of the community. This program will help home owners and home buyers feel secure in their mortgage transaction.
Current statistics show unemployment rates at a 26 year high, affecting 9.5% of all workers. Experts believe the economy will begin improving in 2010, and some believe as long as 2011.
The Peace of Mind mortgage program offers several benefits to home buyers. Current interest rates for a 30 year fixed rate mortgage are approximately 5.25%. In an effort to make the payment easier for the first two year period, Bankers First Mortgage will reduce the interest rate two percent the entire first year, followed by one percent the second year. The third year will be at the basic rate. George Hanzimanolis, President of Bankers First Mortgage states, “We know the economy will be strong in the next year or two. Our clients have some anxiety about moving ahead with any type of financing. This Peace of Mind program will help those people feel safer in their decision. The average home owner will have the security of a fixed rate mortgage, and also experience a savings of approximately $4,500 in the first two years”.
A second, and more important feature of the Peace of Mind mortgage program, is the unemployment feature. “Any of our clients who qualify and take out a mortgage through Bankers First Mortgage will be covered if they become unemployed. Home owners who become unemployed within the first two years of their mortgage will have their mortgage payment paid for up to 6 months. There is a maximum payment cap of $1,800 per month including taxes and insurance”, states Hanzimanolis. Other features include a “nest egg” fund which could help borrowers, even if they don’t lose their job.
Those wishing to receive more information on this program can call George Hanzimanolis directly at 570-620-9561 ext. 105.
